3(a) Kenneth, an investment analyst, is considering the addition of two recently established Australian large capitalization equity mutual funds to the Tertiary Education Industry Super Fund. Kenneth utilizes return-based-style analysis to compare the performance of the Shorten, Abbot and Turnbull Funds for the past year. ASX 200 Index Shorten Fund Abbot Fund Turnbull Fund R with ASX200 98.5% 67% 63.0% Index Annual Return 5.8% 5.6% 6.2% 8.0% (gross)" Portfolio Turnover 10% 52% 48% *Management fees and administrative charges have not been deducted Based on the above data, identify and explain which of the funds is likely to be passively, value- styled actively, or growth-styled actively managed. State all your bases. (6 marks) 3(b). Explain whether and how attribution analysis can be useful in 3(a).( 3(b). Briefly explain two limitations to your answers in 3(a). 3(c). Identify and explain which of the three funds in 3(a) is likely to outperform the others after costs over 3(a) Kenneth, an investment analyst, is considering the addition of two recently established Australian large capitalization equity mutual funds to the Tertiary Education Industry Super Fund. Kenneth utilizes return-based-style analysis to compare the performance of the Shorten, Abbot and Turnbull Funds for the past year. ASX 200 Index Shorten Fund Abbot Fund Turnbull Fund R with ASX200 98.5% 67% 63.0% Index Annual Return 5.8% 5.6% 6.2% 8.0% (gross)" Portfolio Turnover 10% 52% 48% *Management fees and administrative charges have not been deducted Based on the above data, identify and explain which of the funds is likely to be passively, value- styled actively, or growth-styled actively managed. State all your bases. (6 marks) 3(b). Explain whether and how attribution analysis can be useful in 3(a).( 3(b). Briefly explain two limitations to your answers in 3(a). 3(c). Identify and explain which of the three funds in 3(a) is likely to outperform the others after costs over